Samba posts SR1.23bn profit

DUBAI: Samba Financial Group, Saudi Arabia's third-largest bank by assets, on Thursday reported flat growth in net profit for the fourth quarter.

The bank made a profit of SR1.23 billion ($327.8 million) in the three months to Dec. 31, the same figure it reported for the corresponding period a year earlier, it said in a bourse statement.

Seven analysts polled by Reuters had on average forecast the bank would make a quarterly net profit of SR1.21 billion.

Al-Rajhi net profit rises 28.2%

DUBAI: Al-Rajhi Bank, Saudi Arabia's second-largest lender by assets, reported a 28.2 percent rise in its fourth-quarter net profit on Thursday, beating analyst forecasts.

The bank made SR1.95 billion ($519.6 million) in the three months to Dec. 31, up from SR1.52 billion in the same period a year earlier, it said in a bourse statement.

Seven analysts surveyed by Reuters had on average forecast the bank's quarterly profit would be SR1.67 billion.

Dar Al-Arkan net profit falls

DUBAI: Dar Al-Arkan, one of Saudi Arabia's largest property developers, reported a 57.9 percent fall in fourth-quarter net profit on Thursday.

Al-Arkan made a net profit of SR48.7 million ($13 million) in the three months to Dec. 31, versus SR115.6 million in the same period a year earlier, it said in a statement.

Two analysts polled by Reuters forecast the developer would make a quarterly net profit of between SR102.1 and SR105 million.

The company attributed the profit fall to lower property sales revenue due to product mix, geographical location and development status.

Tasnee suffers SR690.2m loss

DUBAI: Saudi Arabia's National Industrialization Co. (Tasnee) swung to a fourth straight quarterly loss on Thursday as it reported its earnings for the final three months of 2015.

Tasnee made a loss of SR690.2 million ($183.9 million) in the three months to Dec. 31, compared to a profit of SR160.7 million in the same period a year earlier, according to a bourse filing.

Three analysts polled by Reuters had forecast on average a net loss in the fourth quarter of SR174.2 million.

The diversified industrial firm has interests in petrochemicals, metals and chemicals and is one of the world's largest producers of titanium dioxide through its Cristal subsidiary.

It cited a decrease in product prices, as well as higher cost of sales, general and administrative expenses and staffing costs, for the profit fall. A drop in the value of assets at a subsidiary also contributed to its negative fourth-quarter.

Sipchem net profit slumps

DUBAI: Saudi International Petrochemical Co. (Sipchem) reported a 80.4 percent slump in fourth-quarter net profit on Wednesday, citing a production shutdown at a subsidiary and lower prices for all its products for the decline.

Sipchem made a profit of SR26 million ($6.9 million) in the three months to Dec. 31, down from SR132.4 million in the prior-year period, according to a bourse filing.

The company attributed the profit decrease to a drop in production as a result of a scheduled shutdown of its methanol affiliate during the fourth quarter. Nearly six weeks of scheduled maintenance at Sipchem's methanol affiliate, which concluded in mid-December, was expected to reduce the parent's profits by around SR45 million in the quarter, it said previously.

It added that prices for all its products had declined by between 21 and 35 percent year on year. Saudi petrochemical companies have reported slumping earnings in the fourth quarter as product prices are closely linked to those of oil, while Saudi firms receive subsidized energy and feedstock.